The 10 Million Customers the Insurance Industry Missed Out On

The U.S. insurance industry, despite its scale and variety of services offered, has missed an opportunity to attract about 10 million potential customers. This figure reflects a significant segment of the market that, for various reasons, has been overlooked by traditional insurers.

Lack of attention to specific needs: Many insurers focus on serving large urban agglomerations, paying less attention to rural and remote areas. This leads to underrepresentation of insurance services in these regions, leaving a significant portion of the population without access to the products they need.

Ignoring new and non-standard risks: Modern challenges such as cyber threats, climate change and new forms of business require insurance products to adapt. However, many companies are not keeping up with these changes, missing the opportunity to offer relevant solutions for emerging risks.

Lack of personalization and flexibility: Standard insurance policies do not always meet the unique needs of individual customers. Lack of personalization and flexibility leads potential customers to seek more tailored solutions from alternative providers or to abandon insurance altogether.

Lack of digitalization and innovation: In the digital age, customers expect convenience and speed in service delivery. Companies that fail to invest in digital platforms and innovative technologies risk falling behind competitors, missing out on opportunities to attract tech-savvy customers.

Trust and transparency challenges: Historically, the insurance industry has suffered from a lack of consumer trust. Complex policy terms and conditions, opaque claims processes and negative experiences of previous customers contribute to a skeptical attitude towards insurers, which hinders the expansion of the customer base.

As a result of these factors, the U.S. insurance industry has failed to reach approximately 10 million potential customers. To remedy the situation, it is necessary to rethink approaches to serving different market segments, implement innovative solutions and build trusting relationships with customers.